Complaints

This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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• 

  Principal Financial Group

  711 High Street Des Moines, IA 50392-0001

  
• 

  Principal Financial Group

  4010 W Boy Scout Blvd Ste 700 Tampa, FL 33607

• 

  Principal Financial Group

  PO Box 22347 Tampa, FL 33622

• 

  Principal Financial Group

  10200 Innovation Suite 800 Milwaukee, WI 53226

• 

  The Principal Financial Group

  1351 Page Dr. S. Ste. 204 Fargo, ND 58103

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:10/24/2022

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I requested a hardship withdrawal on 10/10/22 for an eviction notice. I received no information, emails or phone calls from Principal. On 10/21/22 I called Principal and was informed the no one had been assigned to my case and no one even looked at my documents. I had to go back to my landlord, ask for mercy and an extension. Principal told me to call back in a week and ask for someone to expedite the process. Monday will be 14 days since I made the request. This company is horrible. Would not recommend to anyone, do they even care that their clients are facing hardships and need the money that they contributed? Doubtful.

  

  Business Response

  Date: 10/24/2022

  Thank you for forwarding.  Principal will respond directly to the complainant.

• Initial Complaint

  Date:10/24/2022

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have also submitted a review as well. In an effort to be proactive, I was attempting to avoid some of the issues that seem to be a recurrent problem with Principal Financial Group, to no avail. On October 1, I submitted documentation for the purposes of a hardship withdrawal to purchase a new vehicle as my primary means of transportation kept breaking down after 18 years of owning it. I received documentation on 10/3 that they had received my withdrawal request and documents. I was aware that it would take up to 2 weeks before they could get to my request.On or about 10/12, I went online to check the status of my request and noticed that it stated that my request was pending. I called in to check the status of everything and I spoke to a rep who advised that even though documents had been received, there was no application or request that had even been started, which was alarming to me after being advised that they received the documents sent on 10/1. The rep then proceeded to start the hardship withdrawal process with me over the phone. I asked him whether the 2 week process would begin from 10/1 when the documents were submitted to which he stated that it would. I also asked him was any additional documentation required on my end and he stated that there was not.I called again on 10/21 and spoke with another rep who advised me that they had not started the withdrawal request because they needed additional documentation, and as I explained to her that the prior rep had indicated that all documentation was received, she then stated that they forgot to combine the original documentation with the request taken over the phone about a week or so prior. She stated that she would note the account to see if they could expedite my claim, and now I am starting to panic.My confidence that this will be resolved quickly is beginning to fade and it's concerning since I actually have been trying to be proactive to avoid any issues. Please help!!!!

  

  Business Response

  Date: 10/24/2022

  Thank you for forwarding. Principal will respond directly to the complainant.

  Customer Answer

  Date: 10/28/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************************

• Initial Complaint

  Date:10/14/2022

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  A company I worked for in the early ****s had stock that employees could purchase and then own parts of the company. If you worked at the company for more than ten years and then left (for any reason), you were eligible for a payout after 5 years. In the beginning, the company handled the payouts and I guess it was too much work for them so they handed it over to Principal Financial.Since 2015, Principal Financial has given you the customary date on which you had to select your options, whether you wanted a disbursement (and how you wanted it: check or direct deposit), or whether you wanted to roll it over.After that, they would say something to the effect of, "Payments will go out last week of September" and then the last week of September would come and go. Then October would come and go. You get the picture. That's what I am dealing with now and it is infuriating. The pandemic did a number on everyone's finances. People are struggling. People are barely scraping by and every time an institution owes people money, they think it's okay to pay you when they feel like it by giving arbitrary dates. If you owe them, they expect it quickly. If they have to pay you, it's whenever. Very disheartening and I look forward to the day when I don't have to deal with them anymore!

  

  Business Response

  Date: 10/14/2022

  Thank you for forwarding the complaint.  Can I have the name associated with the account or the account number?  Thank you.

  Customer Answer

  Date: 10/14/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  E S

• Initial Complaint

  Date:10/12/2022

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been trying to get a hardship withdrawal from my 401K for some time. My sons college tuition has been expensed by me and this financial company refuses to release the funds so that I can pay the remaining balance. This company is not accepting the documentation I have sent. Initially they told me it was sufficient and accepted. Then they sent me an email saying they needed more legible copies. I submitted everything again. My sons birth certificate, all the charges from the school, my proof of payment to the school. I called and confirmed. They stated again that they had everything they needed. A few days later, they sent another email saying I now needed a letter proving my son had not received financial aid, ********** does not provide a letter because they stated the proof that financial aid had not been applied was on the summary of what I paid. Which I provided to Principal. Why would I pay if financial aid had been applied??? I need help with this business as they have done everything possible not to allow me to have my money. Also, I have a vested balance of over $1,000 and they are refusing to let me take out a loan. Its been 2 months of this nightmare. Is this legal?? Please assist.

  

  Business Response

  Date: 10/12/2022

  Thank you for forwarding.  Principal will respond directly to the complainant.

• Initial Complaint

  Date:10/09/2022

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I requested a hardship withdrawal from my 401k for a dental procedure on August 16. We have had to postpone this procedure twice twice because Principle Financial continually fails to disclose what forms are needed in a timely manner and the representative assigned to my case does not answer the phone and NEVER returns phone calls.

  

  Business Response

  Date: 10/10/2022

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:10/06/2022

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I put in for a hardship from my 401k to purchase a home. I send in all my documents as requested. In my documents it stated that I was closing on my home on September 30,2022. On September 23, 2022, I received an email, stating that my application has been approved and that, it should take 1-2 business days to process and 1-3 days for my check to arrive. Unfortunately I was not able to close on September 30,2022, because check never came. I call principal financial everyday to talk to a representative, when I spook with them, I always getting the run around, one person told me the check was in the mail, never received it, another person told me to wait on a email, to inform me the check has been mailed. All of that was lies, I have been calling back every day and I ask to speak to a manager, he came on phone and told me that my check will be mailed out, still no check. On October 5, 2022, I called back and spoke to an representative to find out why Im not getting my check, I explained to the representative that, I was to close on home on September 30,2022 and could not, because never receive check. At this point I explained to the representative that, I going to lose my ******* money as well as this house I m trying to purchase. The representative then told me that they made an error and thats why I have not received my check. I told the representative that thats not my fault, and I about to lose money because of principal financial, unprofessional business. I told the representative that my check should be sent as a special delivery, because its their error not mines. This is my money and they dont want me to get it. I just need my check so that I will not lose all I have put into trying to purchase a home. Never known I had to deal with so much unprofessional business. My loan officer said she never heard of this before and she been doing loans for years. As I read on Bbb I see that Im not the only consumer who is having problems with this company.

  

  Business Response

  Date: 10/06/2022

  Thank you for forwarding.   We will review and respond directly to *************************.

• Initial Complaint

  Date:10/06/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Principal will not release my retirement funds from a company I no longer for. Every time I call they say they can help me until they find out I don't want to keep my money with them. The put me hold and come back to say I can't get the funds released until I am 55. I explain the rules change and I received a letter stating I no longer have to wait. This company does not want people taking their own money from their services. The last time I contacted them which is before the rules changed they said they could help then also until they found out I wanted my money. Then they said the correspondence was sent in error. This time the letter attached is very specific that I do not need to be 55 years of age to receive my funds. This was not sent in error and I would like my funds released to me. This company should not be able to hold my funds when it clearly states I can have them. They are being fraudulent in their practices.

  

  Business Response

  Date: 10/07/2022

  Thank you for forwarding. Principal will respond directly to the complainant.

  Customer Answer

  Date: 10/07/2022

   
  Complaint: 18175806
  
  I am rejecting this response because:
  
  I would like for the company to reply/ respond to my complaint me via this forum within this complaint. I have proof Im to receive my funds and I want it on record what their response will be.

  Sincerly,
  
  *********************************

  

  Business Response

  Date: 10/10/2022

  Thank you for forwarding.  Principal has responded directly to the complainant via phone message to discuss what additional information may be needed to quickly resolve the complainants concerns. We will attempt another call out today to assist the complainant with a timely resolution.

• Initial Complaint

  Date:10/05/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I requested a hardship withdrawal from Principal Financial on 9/20/2022 as of 10/4/2022 and per my conversation with customer service representative . I have provided the documentation showing the hardship and an intent to ******************* clause remind you i am taking this withdrawal to avoid foreclosure process so there is no foreclosure date scheduled but will be as of 10/16/2022. The customer service rep said he did not know why they are not processing it and if this is due to bank liquidity issues I will be filing a complaint/civil action with my attorney.

  

  Business Response

  Date: 10/05/2022

  Thank you for forwarding.  We have been working with ******************** and will continue to do so directly.

• Initial Complaint

  Date:09/29/2022

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Principal complaint My doctor, my employer, and myself provided all requested paperwork by Principal insurance and substantial evidence to show that I am unable to work. Principal consulted with a third party doctor paid for by principal to assess my claim. (1) Their doctor ******** a conflict of interest as the doctor ****** in partnership by Principal is paid for by Principal and benefits by denying claims made with Principal. (2) The doctor also does not know the status or severity of my condition nor made any effort to assess my status before denying the claim. (3) Principal Insurance used discriminatory language in their language over the phone with me saying for example, "it's not like you have a broken arm" in order to deny benefits for a mental health condition. (4) While my doctor provided diagnosis codes to show that I am unable to work and included all diagnostic information, Principal continuously fabricated a narrative that they did not have substantial evidence although substantial evidence to pay my claim had been presented to them. (5) Principal Insurance used discriminatory practices leveraging my mental health condition against me by using language like, "how can we prove your mental condition is severe enough, it does not show up like it would on an X-ray" so that you are unable to work although such information was presented to them by myself and my doctor that my mental condition is severe enough that I am unable to work. Resolution Payment of 3 months of leave in one lump sum + $100,000 since their process and discriminatory practices led to further cognitive decline, financial hardship, and worsening of my condition that would have not occurred had they paid my claim originally and recognized my *** covered disability.

  

  Business Response

  Date: 10/05/2022

  Please see attached. 

  Customer Answer

  Date: 10/11/2022

   
  Complaint: 18147996
  
  I am rejecting this response because the business has failed to provide an outcome or resolution. They may email me at ****************** with the proposed (or other agreed upon) monetary amount to address the complaint and damages caused. 
  
  Sincerely,
  
  *****************************

  

  Business Response

  Date: 10/12/2022

  Principal Life has received notification of the consumer's rejection of our previous response to the BBB. The consumer has since filed a complaint with the state department of insurance. Principal Life has left several voicemails with the consumer requesting a return call to discuss their concerns. In addition, I responded directly to the consumer on 10/10/2022 via mailed correspondence. Principal Life will continue to respond to the state insurance department regarding the matter of the consumer's complaint. 

• Initial Complaint

  Date:09/29/2022

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Principal 401k has made it extremely difficult, If not impossible to pull my 401k plan. Upon termination of my job, I put in a payout request under direct deposit (09/24/22), and linked and provided my direct deposit information in the specified area. Principal401k than chose to distribute this amount through mail-check, completely disregarding my necessary request for it to be direct deposited ( a service they do in fact provide typically). As I am not in state, and cannot get to my mail office where my box is located. This is why I checked in several areas of the distribution paperwork, for it to be direct deposited. Upon noticing the issue, I called and spoke with a representative about the issue, who could not provide insight as to why my request was entirely ignored, and did not offer any sort of solution. I have also E-mailed customer service as listed on their resources page (9/27/29), with no response. Ultimately they mishandled my money, and I would like to be ensured there will be a proper solution.

  

  Business Response

  Date: 09/30/2022

  
  Thank you for forwarding.  Principal will respond directly to the complainant.